CENTREPOINT ALLIANCE LIMITED Centrepoint Alliance Limited (the Company) (ASX:CAF) was served with a writ of summons and statement of claim (Proceedings) on 22nd January 2016, filed in the High Court of the Republic of Singapore (Court) by Aviva Asia Holdings Private Limited (Aviva Asia).
In the Proceedings Aviva Asia allege that the Company's former subsidiary company which was registered in Singapore, Fifth Floor Pte Ltd (Fifth Floor), has breached a warranty contained in the Share Purchase Agreement dated 7 August 2012 (Agreement) that relates to the sale by Fifth Floor to Aviva Asia of the shares in the Company's former Singapore based subsidiary Professional Advisory Holdings Pte Ltd (PAH). The Company has provided a guarantee and indemnity in the Agreement for any breach of the warranties provided by Fifth Floor.
The Proceedings by Aviva Asia allege that there is a breach of the warranty that the audited annual report of PAH and Professional Investment Advisory Services Pte Ltd (PIAS) (together the "Group") for the year ended 30 June 2011 show "a true and fair view of the assets, liabilities and financial position and the state of affairs of the Group" as at 30 June 2011 (Warranty). The basis of the breach of Warranty relates to an alleged overstatement of the accrued commission receivable balance in the accounts for the financial years 2009 and 2011.
Aviva Asia are seeking relief in the sum of S$988,037.09, interest and costs and such further and/or other relief as the Court deems fit. .
The Company will defend the Proceedings.
Ph: 07 5574 0244
E: Debra.Anderson@cpal.com.au
Centrepoint Alliance Limited issued this content on 2016-01-25 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-25 05:48:07 UTC
Original Document: http://www.centrepointalliance.com.au/assets/pdf/2016.01.25 - ASX Announcement to Market.pdf
